The new report by Expert Market Research titled, ‘Global Interventional Radiology Market Share Report and Forecast 2023-2028’, gives in-depth analysis of the global interventional radiology market, assessing the market based on its segments like procedure, product, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028):
- Historical Market Size (2020): USD 20 Billion
- Forecast CAGR (2023-2028): 6.5%
- Forecast Market Size (2026): USD 29.5 Billion
The major driving factors for market growth are increasing technological advances resulting in the availability of advanced diagnosis and imaging techniques, as well as the numerous benefits associated with this medical field such as cost effectiveness and faster recovery time, which are extremely important for the global geriatric population.
Increasing levels of patient concern about radiation exposure associated with the use of these devices, combined with the high costs associated with these equipments, are serving as significant constraints for the interventional radiology industry.
Industry Definition and Major Segments
Interventional radiology is a medical discipline that focuses on diagnosing and treating patients using minimally invasive image-guided techniques. In this medical specialty, radiological guidance systems and instruments such as x-ray, MRI, CT, fluoroscopy, and other modalities are used.
The most common interventional radiological procedures performed using these techniques are for the evaluation of any underlying conditions that the patient might have that can be visualised by photographs.
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Based on the procedure, the interventional radiology market can be divided into:
- Angioplasty
- Angiography
- Biopsy and Drainage
- Embolization
- Thrombolysis
- Vertebroplasty
- Nephrostomy
- Others
Based on the product, the interventional radiology market can be divided into:
- MRI Systems
- Ultrasound Imaging Systems
- CT Scanners
- Angiography Systems
- Fluoroscopy Systems
- Biopsy Devices
- Others
The interventional radiology market can be broadly categorised based on its applications into:
- Cardiology
- Urology and Nephrology
- Oncology
- Gastroenterology
- Others
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others
Market Trends
The demand is being driven by the growing trend of minimally invasive procedures, which are more cost-effective and require less hospitalisation. Patients are handled rapidly using minimally invasive procedures and are normally discharged from the hospital the same day. The majority of these procedures necessitate the use of imaging equipment.
The interventional radiology market is being driven by advancements in imaging technology, which provide surgeons with real-time images to show a detailed view of internal organs when diagnosing. Augmented reality and artificial intelligence are two main areas of progress. Unlike virtual reality, which allows doctors to see no actual images in their field of vision, augmented reality allows them to move objects (scopes and devices) within the body and communicate with its surroundings. Image-led approaches will benefit from this complex growth in a number of ways.
Artificial intelligence detects defects and irregularities in medical images such as CT scans and X-rays using complex algorithms. Because of the large-scale existing healthcare infrastructure in North America, as well as the numerous market players and authorities focused on the implementation of advanced therapeutic and diagnostic technologies in their regions, the Asia-Pacific region will hold the largest market share for interventional radiology.
Key Market Players
The major players in the market are Carestream Health, Esaote S.P.A., GE Healthcare, Hitachi Medical Corporation, Hologic Inc. (NASDAQ: HOLX), Koninklijke Philips N.V., Shimadzu Corporation, Siemens AG, Toshiba Medical Systems Corporation, Samsung Medison, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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